Airwallex announces new payments solution for UK and Europe
Accepting both Visa and Mastercard, the company’s ‘’ solution provides users with a seamless and intuitive experience, allowing customers to pay in over 15 local currencies fast and streamline their cash flow.
Furthermore, conversions are carried out at the mid-market rate with funds repatriated at zero cost.
It is hoped by Airwallex that this optimised payment process will enable ecommerce to flourish by eliminating the myriad complexities and convoluted ecosystems of the present industry.
Accelerating the growth of ecommerce
A consequence of the COVID-19 pandemic has been a distinct rise in the year-on-year popularity of online shopping - that UK ecommerce could grow by 17.6% in 2021, distinctly faster than the incremental gains recorded prior.
The decline of the high street, which was already underway but has by COVID-19 restrictions, the rise of ecommerce and the predominance of digital systems of payment appear to be intrinsically linked.
If online shopping is to become the new standard, merchants will need to adapt and have new systems in place capable of making trade easier. This is where the value of Airwallex’s announcement originates.
“Ecommerce merchants today have access to many tech-driven ecommerce solutions that can help them easily set up and run their international operations. Existing cross-border financial services, which are a crucial part of this process, do not offer the same seamless experience,” said James Butland, VP of Global Banking.
“With the introduction of our new card payment acceptance product, Airwallex now offers everything a merchant needs to operate internationally in an end-to-end platform at the lowest cost.
“As ecommerce growth continues to accelerate Airwallex is committed to bringing products and services to market that help scale the digital economy and support businesses of all sizes in operating globally.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG